【摘要】 增值税税率调整是中国减税降费的重要工具，历次改革的减税效应备受瞩目。基于2015—2019年中国A股上市企业样本，运用多期双重差分法研究增值税税率调整对企业绩效的影响。结果表明，增值税税率调整显著提高了企业绩效。机制分析发现，增值税税率调整通过降低企业增值税税负和增加企业内部现金流两条路径来提升企业绩效。异质性分析表明，增值税税率调整对企业绩效的促进作用在税负转嫁能力较强和现金流不确定性较高的企业中更为显著。此外，基于企业进销项结构差异研究发现，增值税税率调整仅对销项高税率的企业绩效有提升作用，并显著提高了销项低税率和高中间投入率的企业增值税税负。研究发现增值税税率调整存在“非对称性减税红利”,对进一步优化增值税制度具有参考价值。更多还原

【Abstract】 As an important tool for reducing taxes and fees in China, the VAT rate adjustment has had a significant effect since the previous reforms. Based on the panel data of A-share listed companies from 2015 to 2019, this paper uses the Time-varying DID method to test the impact of VAT rate adjustment on firm performance. The results of the study show that the VAT rate adjustment significantly improves the firm performance. Mechanism analysis shows that the VAT rate adjustment can improve firm performance by reducing firm’s VAT tax burden and increasing firm’s internal cash flow. Heterogeneity analysis shows that the promotion effect of VAT rate adjustment on firm performance is more significant in enterprises with strong tax burden transfer ability and high cash flow uncertainty. In addition, based on the differences in the structure of firm’s purchase and sales, this paper finds that the VAT rate adjustment only has a positive impact on the firm performance with high output tax rates, and significantly increases the value-added tax burden of enterprises with low output tax rates and high intermediate input rates. This paper finds the existence of the “asymmetric tax reduction bonus” of VAT rate adjustment, which provides the policy reference for optimizing the value-added tax system in China.更多还原